More bad news for Apple and their $1000 phone.

Ever since Apple announced their “greatest smartphone ever” the iPhone X it seems more bad news has come for the giant instead of good news. Tuesday, Bloomberg reported Apple’s stock took a big hit and fell nearly 3 percent after reports of weaker-than-expected demand for Apple’s $1000 smartphone, the iPhone X surfaced.

We can’t say that this news doesn’t shock us in regards to iPhone X.

In a memo sent to its clients, JL Warren Capital LLC said in the first quarter in shipments of the phone will fall from 30 million units to 20 million. Well damn, and they blame the phones ridiculously “high price point and lack of interesting innovations” as a reason for the phones very low demand.

We also would like to add the fact there are more reasonably priced alternatives as well such as the iPhone 8 which starts at $699 and the return of the Samsung’s Galaxy Note 8.

Zhang Bin, an analyst with Sinolink Securities Co, in Monday report by Bloomberg had this to say about Apple’s underwhelming iPhone X sales:

“After the first wave of demand has been fulfilled, the market now worries that the high price of the iPhone X may weaken demand in the first quarter, that handset shipping could dip to 35 million, which would be 10 million less than previously estimated.”

Another interesting note was the fact that CNN reported that shares of suppliers also fell as well. Most notably Genius Electronic Optical, the company that creates and supplies the lens module for the iPhone saw their shares drop greater than 11 percent.

Despite all the bad news coming out now Apple CEO, Tim Cook back in November said that pre-orders for the iPhone X were “very strong” CNN reported last month. Apple has yet to share any sales figures for their new smartphone. This news immediately follows Apple admitting to slowing down their older iPhones and now facing lawsuits for their actions. So you wouldn’t be crazy to think that those recent revelations play some sort of role in customers decisions when it comes to buying the iPhone X.

What’s very clear if these reports are true is that Apple definitely will have some work to do in 2018. They already have new phones lined up but so does their competition as well.